EUR/USD Technical Analysis: Stays negative below the short-term resistance line around 1.1735

• The pair remains sidelined in the bottom end of the recent range following Thursday’s bearish ‘outside day’.
• The short-term resistance line – today at 1.1735 – continues to cap the upside, while further retracement is expected below it. Interim resistance ahead of this important hurdle is reinforced by the 21-day SMA at 1.1683 and the base of the daily cloud.
• Looking south, the 1.1570 area should hold the initial test, ahead of 1.1527 and YTD lows in the 1.1500 neighbourhood.

EUR/USD daily chart

Daily high: 1.1665

Daily low: 1.1648

Support Levels

S1: 1.1629

S2: 1.1602

S3: 1.1584

Resistance Levels

R1: 1.1674

R2: 1.1692

R3: 1.1719